2007-04-02 08:55:05 · 14 answers · asked by scarletcarson07 1 in Business & Finance ➔ Taxes ➔ United States
I do plan on doing it, this is pure curiosity.
2007-04-02 09:00:37 · update #1
I don't plan on doing this i meant sorry.
2007-04-04 12:15:25 · update #2
IF you have no assets and no bank accounts all they can do is file a tax lein and it will go on your credit report. Then in the future if you try to make a purchase or open an account then you would have to deal with that.
2007-04-06 10:55:49 · answer #1 · answered by Miss Know It All 6 · 2⤊ 0⤋
Well if you don't file year after year it could be fines or jail time, but if you don't file for just one year it's OK. I know I didn't file the year before last and I haven't heard a thing about it. Others have told me that if I did try to file this year for it I would probably be just charged for it by the tax person.
2007-04-09 03:59:06 · answer #2 · answered by cfcgrs 1 · 0⤊ 0⤋
All of the above can happen depending on the circumstances. Most people just pay additional penalties and interest, but if the IRS finds that you are not filing to hide income or avoid taxes, it can be considered tax evasion and you can go to jail.
2007-04-07 09:02:49 · answer #3 · answered by Amy F 3 · 0⤊ 0⤋
I know most people would rather wait until the last minute, but legally you have up to three years to file but you do realize that there will be penalties and interest on top of that, even if you were going to get a refund. Not filing on time could cause further problems down the line. Try to avoid that at all cost if you can, even if you owe. They are willing to work with you as long as you let them know your intentions. The IRS is not all that bad. They have payment plans just like other places and I would rather pay voluntarily instead of having my wages held or other property seized.
2007-04-02 09:09:00 · answer #4 · answered by msshaden 2 · 0⤊ 2⤋
Please, please, please just pay your taxes and don't take the risk. They will send you to their collections center. You can eventually be sent to jail for tax evasion or something, but if the amount is small they probably wouldn't. What they WILL do though is start tacking on massive penalties and interest, so by the time you finally realize that there's no way out of paying up, you suddenly realize that you owe them 4 times as much as you did to start with. Be aware that the IRS charges very high interest, and that it compounds daily. This means that the interest is added to the total balance that is being charged interest, daily. This can result in your being thrown into a very major financial hole. Just don't do it.
2007-04-02 09:04:01 · answer #5 · answered by Jennifer in CA 2 · 0⤊ 0⤋
It depends. If you didn't make enough to be required to file, then nothing will happen. And if you had a refund coming, you won't get the refund if you don't file.
If you owe money, the first thing that will happen is that you'll get a letter from the IRS telling you what you owe, and giving a date to pay by. Interest and penalties will be added, and will continue to grow. If you ignore that, eventually they'll levy your assets to pay your debt.
2007-04-02 11:50:47 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
Judy is right as far as she goes, but if yuou owe tax and don't file you can go to jail. is the IRS perfect?not even close.
Does the IRS miss many big fish? I saw it with my own eyes? On the other hand can they grind you up and spit you out? If you bring it on yourself, demand special treatment, they can accomadate ya. Happy April 15th everyone!
2007-04-03 15:33:06 · answer #7 · answered by Anonymous · 1⤊ 0⤋
The US Treasury needs every penny, from you specifically or it will be broke..LOL.
The penalties depends on a lot of factors. The worst one is where you are due a refund, but you lose it all in penalties...they make no distinction if you are due a refund or have to pay!
2007-04-09 15:35:33 · answer #8 · answered by smiley0_1_1999 5 · 0⤊ 0⤋
Both and more, they add 18% interest penaitys, fines, etc the IRS can take your home, your savings and checking accounts sell your boats cars, trucks etc. Its best to file and to pay them what they want a month.
2007-04-02 08:59:32 · answer #9 · answered by letthepartybeginnow 3 · 0⤊ 1⤋
nothing will happen because it is not the law but if you do own money to the irs they will get you it might take them a while to do but they will but if you file you do get money back
2007-04-02 09:24:31 · answer #10 · answered by webbrotc 1 · 0⤊ 3⤋